Despite the market turmoil of the last couple weeks, stock mutual funds have recorded their 23rd straight week of inflows, according to Lipper. International funds--particularly ETF international funds--have seen outflows, due to an exodus of money from emerging markets.
Worries about the Federal Reserve's tapering has hit all asset classes, but emerging markets —both equities and bonds — perhaps more than any other. U.S. stocks are up since the beginning of May, the broad bond market is modestly down, but look at the much deeper damage in emerging market stocks and bonds:
Index Performances Since Start of May
S&P 500 up 2.4 percent
U.S. Total Bonds dip 2.5 percent
Emerging Market Stocks dive 7.7 percent
Emerging Market Bonds slide 6.7 percent
This is largely due to flows: bond funds and particularly emerging market bond funds have seen the greatest inflows in the last several years, and so are most susceptible to outflows.
1) Home furnishing retailer Restoration Hardware (RH) is set to open at its best level on record, up 12.5 percent premarket, after beating first quarter profit and sales expectations and raising its full-year sales forecast.
RH reported first quarter earnings of six cents, two cents higher than analyst estimates. The company raised its 2014 sales forecast to $1.47 billion to $1.51 billion from $1.42 billion to $1.45 billion; the Street sees 2014 revenue of $1.48 billion. RH quarterly same-store sales jumped 41 percent, with strong sales growth in the company's furniture business. Recall that RH went public in November 2012 - during the week of super storm Sandy.
Meanwhile, revenue was up 38 percent and same store sales surged 41 percent. Wow.
This is partly about the company's move into high-end furnishings, but give them some credit for managing the brand name: they are not just riding the home improvement wave along with lower-end, bigger competitors like Home Depot, they are actively expanding.
—By CNBC's Bob Pisani